Term Sheet
A term sheet is a short document listing the principal economics and deal terms that parties intend to use as the basis for drafting definitive agreements. Depending on wording and context, it can be non-binding in full or non-binding except for specified provisions (for example, confidentiality or exclusivity).
- Where it applies
- Generally, not specific to New York
- When it comes up
- Offer / Negotiation
- Property types
- Commercial Leasing; sometimes Commercial Sales
Related terms
Marketing and Listing Terms
- Asking Price / Asking Rent
- Co-Brokering
- Concessions
- Days on Market (DOM)
- Letter of Intent (LOI)
- Listing
- Multiple Listing Service (MLS)
- Offering Memorandum (OM)
- Residential Listing Service (RLS)
- Universal Co-Brokerage Agreement (UCBA)
General information, not legal, tax or financial advice.